How to become and remain competitive in the marketplace.
Five issues that should never be part of the calculation. By Marc Rosenberg Author of How to Bring in New Partners Contrary to popular wisdom, the most successful CPA firms are finding that the fundamental and critical tactic in bringing in new partners begins with severing, as much as possible, the link between the ownership percentage and these five issues:
Finding the perfect compensation system By Robert J. Lees and August J. Aquila Creating the Effective Partnership the right things. Every compensation plan should be constructed to help the firm enhance its ability to service clients, achieve its strategic goals and attract, reward and retain the right people. If a firm’s plan does not accomplish these objectives, it needs to be restructured.
Today’s 5 essentials. When CPAs are invited into a firm’s partnership, their natural first question is, what’s in it for me? Marc Rosenberg, author of How to Bring in New Partners, reveals how the best firms are responding with five key deal points.
What 80% of firms agree on. By Marc Rosenberg The Rosenberg Survey If partner compensation is the single most critical and sensitive aspect of CPA firm practice management today, then a close second is partner retirements and buyouts – the money partners receive for the purchase of their ownership in the firm when they retire or leave the firm due to death, disability, withdrawal or expulsion. The amount of money involved is quite significant. Roughly 80% of all firms consider the value of the firm to include:
With more firms adopting a compensation committee system to sort out a partnership’s touchiest issues, Marc Rosenberg provides a 12-item checklist of best practices. The list covers how to frame the committee’s mandate (“full reign”) to how its decisions should be treated (“No appeals. No approval needed.”).
Lessons from the best-managed firms. By Marc Rosenberg Author of “CPA Firm Management and Governance: The Managing Partner’s Guide to Running a CPA Firm Like a Business.” Baby boomer partners are rapidly approaching retirement age, resulting in a dramatic increase in new managing partners at firms. In fact, CPA Trendlines estimates that up to 25% of multi-owner firms are operating under managing partners who are relatively new to the job, with tenures under three years. And over the next five years, one-third of multi-owner firms will undergo a change in ownership and/or control.